potential for a spike high in gold and silver surrounding Friday’s employment report. Prices peaked at $2089.20 on Friday and began to correct. With the spike high now complete, our work now supports a multi-week correction into September, followed by another powerful rally.” data-reactid=”12″>Last week we saw the potential for a spike high in gold and silver surrounding Friday’s employment report. Prices peaked at $2089.20 on Friday and began to correct. With the spike high now complete, our work now supports a multi-week correction into September, followed by another powerful rally.
GOLD DAILY TARGETS
Gold completed a spike-high last week, and this is the beginning of a multi-week correction. Primary support arrives at $1775, with a secondary target closer to $1670.” data-reactid=”35″>Gold completed a spike-high last week, and this is the beginning of a multi-week correction. Primary support arrives at $1775, with a secondary target closer to $1670.
SILVER DAILY CHART
Silver prices are melting down after the brief parabolic rise. Initial support arrives near $22.50. A retest of the $19.00 breakout area is plausible in September.” data-reactid=”53″>Silver prices are melting down after the brief parabolic rise. Initial support arrives near $22.50. A retest of the $19.00 breakout area is plausible in September.
GOLD MINERS (GDX)
Miners closed below our sell trigger ($44.02) on Friday. Prices are collapsing and could reach our initial target ($37.00) quickly. After that, we see a potential buying opportunity coming in near $31.00.
economic calendar .” data-reactid=”88″>For a look at all of today’s economic events, check out our economic calendar .
here.” data-reactid=”89″>AG Thorson is a registered CMT and expert in technical analysis. He believes we are in the final stages of a global debt super-cycle. For more information, please visit here.
article was originally posted on FX Empire” data-reactid=”90″>This article was originally posted on FX Empire
